Why do democracies experience financial crises more often than non-democracies? Revisiting the 2008 Great Financial Crisis (GFC) as a significant and informative test case, I argue that considering the way domestic institutions inhere in system-level structures is important to explaining crisis susceptibility among democracies since the turn of the twenty-first century. I introduce the mechanism of co-regime financial connections in showing that regime type is an important systematic feature of global financial flows. Employing a latent space network regression model using IMF Coordinated Portfolio Investment Survey (CPIS), I find that the network of cross-border portfolio asset investments is systematically patterned by co-democracy pairs. I then show that this regime-patterned interdependence affects increased financial crisis susceptibility among democracies. My findings build on literature highlighting the interdependence between domestic- and system-level factors and inform an empirical puzzle regarding the prevalence of financial crises among democracies.

为什么民主国家比非民主国家更容易遭遇金融危机？重新审视 2008 年金融危机（GFC）作为一个重要且信息丰富的测试案例，我认为考虑国内制度在体系结构中的固有方式对于解释二十世纪之交以来民主国家的危机敏感性非常重要。我引入了同政权金融联系机制，表明政权类型是全球金融流动的重要系统特征。采用国际货币基金组织协调投资组合投资调查（CPIS）的潜在空间网络回归模型，我发现跨境投资组合资产投资网络是由共民主对系统地形成的。然后我将表明，这种政权模式的相互依赖会影响民主国家金融危机的敏感性。我的研究结果建立在强调国内和体系层面因素之间相互依赖的文献的基础上，并为有关民主国家金融危机普遍程度的实证难题提供了信息。